Solow´s golden rule application

for brazilian economy

Marcelo Miranda de Melo1
Guaracyane Campelo2
Cleycianne Almeida3

Resumo: Esse trabalho acadêmico utilizou a teoria da regra de ouro

do modelo de Solow na economia brasileira. Uma função de produção
modificada foi introduzida no modelo com os seguintes argumentos: capital
e crédito. Dados econômicos nacionais foram comparados envolvendo
Brasil, parceiros selecionados na América Latina e também o grupo dos
BRICs. Variáveis macroeconômicas como: Produto Interno Bruto (PIB)
(preços constantes) % variação, Taxa Nacional de Poupança Bruta (% PIB),
Inflação % variação foram comparadas entre os países selecionados.
O Brasil tem a menor taxa de poupança (% PIB) entre países latinos ame-
ricanos. Também entre países latinos americanos o Brasil apresentou uma
das menores taxas de crescimento econômico perdendo apenas para o
México. Entre os BRICs a China apresentou com folga o maior crescimento
econômico com a maior taxa de poupança (% PIB) e a mais baixa taxa de
inflação. Brasil e África do Sul parecem ter dados similares. O modelo de
Solow foi desenvolvido e utilizando técnicas de otimização encontrou-se a
taxa de poupança ótima para a economia brasileira. Utilizou-se análise de

1 Civil Engineer(UFC), MSc in Construction Management(UMIST-U.K.), PhD in Economics(UFC),

Finance and Economics Professor at UFC.
2 Economist (UFC), MSc in Economics (UFC), PhD in Economics (UFC), Finance and Economics
Professor at UFC.
3 Economist (UFC), MSc in Economics (UFPE), PhD in Economics (UFPE), Finance and Economics
Professor at UFC.

v. 9, n. 1, jan-jun. 2015 | 33
regressão com dados abrangendo o período de 1991 a 2012 usando PIB,
Crédito e Capital. A taxa de poupança ótima foi encontrada em s=42,94
(%PIB). Atualmente a taxa de poupança brasileira está bem abaixo da taxa
ótima, s=13,0 (%PIB), o que em grande parte explica o baixo crescimento
brasileiro. O Brasil deve elevar sua taxa de poupança no sentido de obter
um crescimento econômico sadio e sustentável.

Palavras-Chave: Crescimento econômico. Taxa de poupança. Regra

de ouro.

Classificação JEL: O11. O41.

Abstract: This academic work used Solow´s Golden Rule theory into
the Brazilian economy. A modified production function was introduced
applying capital and credit as arguments. Comparative country economic
figures were presented involving Brazil and selected Latin American
economic partners and also BRIC team. Macroeconomic variables such
as: Gross Domestic Product – GDP (constant prices) % change, Gross
National Savings – GNS (%GDP), Inflation % change were compared across
selected countries. Brazil has the lowest GNS (%GDP) in comparison to
Latin American countries. Also in comparison to Latin American team,
Brazil also presented one of the lowest economic growths losing only for
Mexico. Among the BRICs China presented by far the highest economic
growth with also the highest GNS (%GDP) and the lowest inflation rate.
Brazil and South Africa seems to have similar figures. The Solow´s model
was developed and using optimizing techniques the optimum savings rate
for Brazilian economy was found. Applying regression analysis covering
the time span of 1991 up to 2012 with GDP, Credit and Capital was found
the optimum saving rate (%GDP), s=42,94. Present Brazil´s saving rate is
very far behind the optimum, s=13%, what in great extend explains the
low Brazilian economic growth. Brazil should increase its saving rate in
order to have a healthy and sustainable economic growth.

Keywords: Economic Growth. Savings Rate. Golden Rule.

JEL Classification: O11. O41.

34 | Nexos Econômicos – CME-UFBA

1 Introduction

The Brazilian economy has faced outstanding challenges since the

American Crisis. Perhaps the major outcome was low economic growth.
The international market, since 2008, was not the appropriate trading
ground, especially for developing countries and also major countries
due to economic recession in important players in Europe and in the US.
Brazil was forced to look inside and improve its domestic market in order
to overcome the American Crisis.
The Brazilian government applied Keynesian Theory adopting some
economic measures such as: reduced interest rates, increased credit avail-
ability, reduced bank compulsory deposits and also applied fiscal policy
measures in order to improve economic sectors activity in the short run.
Besides those measures, the Brazilian government has foster government
expenditures. However the major increase was in the administration sphere
and not preferably into the infrastructure expenditures. The size of the
State into the economy has increased provoking unnecessary intervention
in the private sector.
Probably the most relevant economic measure adopted was the
increase in credit availability into the Brazilian economy. Brazil presented
a sharply increase in credit from 23,8% of GDP (December 2008) up to
55,8% of GDP (February 2014). Consume of families has increased dra-
matically since then. However, few measures were adopted to improve
production capacity what induced to an increase in inflation in the medium
term.
The need to improve credit availability was necessary due to low
savings rate of the Brazilian economy. There is no dough that improving
credit availability was imperative at that time; however its positive impact
was in a short term period. The most upsetting feature of the Brazilian
economy seems to be low economic growth rate.
Most important economic growth models point out the appropriate
savings rate as a relevant factor for healthy and sustainable economic
growth. In Brazil the savings rate is still low in comparison to selected
countries, especially in the developing team.
Due to remarkable increase in credit availability and major focus on
domestic market, especially in the consume account; the Brazilian pro-
duction function seems to has changed. This fact suggests that the recom-
mended production function for the Brazilian economy should include
the credit argument.

v. 9, n. 1, jan-jun. 2015 | 35
 This research applied the Solow´s Golden Rule using a modified
production function in order to find out the savings rate for the Brazilian
economy that maximizes consume. What savings rate that maximizes
consume in Brazil? What its impacts in economic growth?
The production function adopted for the Brazilian economy was
Cobb-Douglas type with capital and credit as arguments, both in per capita
figures. Both capital and credit presents concave functions and Inada
conditions. This proposed production function also presents decreasing
returns of scale.

2 Research background

Schenk–Hoppé (2002), analyzed the dependence of average consump-

tion on the saving rate in a one-sector neoclassical Solow growth model.
They showed that the long-run behavior of the stochastic capital intensity,
and hence average consumption along any sample path, is uniquely deter-
mined by a random fixed point that depends continuously on the saving
rate. This result enable they to prove the existence of a golden-rule saving
rate that maximizes average consumption per capita.
Mankiw, Phelps & Romer (1995), developed a model that takes s, n
and d as exogenous. This approach parsimoniously turns the Solow model
into a rigorous general-equilibrium model. In particular, the economy can
reach a steady state with the capital stock greater than what Edmund Phelps
called the Golden Rule.
Zhigang & Zhangyong (2003), developed a thesis that discusses the
optimum consumption and the decision mechanism of saving with ref-
erence to Solow’s economic growth model and Ramsey-Cass-Koopmans
model, deriving the golden rule of judging the dynamic efficiency of
macro-economic operation and modifying the standards of golden rule.
Edwards (1996), presents a theoretical and empirical assessment of the
determinants of savings rates, with special emphasis on Latin American
savings rates. The study is based on international comparisons, using data
from 36 countries for 1970–1992. He concludes that low Latin American
savings are due to the magnitudes of their determinants, rather than struc-
tural differences.
Blomstrom, Lipsey & Zejan (1996), examined shares of fixed capital
formation in GDP and rates of economic growth for more than 100 coun-
tries over successive 5-year periods between 1965 and 1985 to determine
the direction of causality between them. They conclude that high rates of

36 | Nexos Econômicos – CME-UFBA

fixed capital formation accompany rapid growth in per capita income, but
they found no evidence that fixed investment is the only or main source
of ignition for economic growth.
Jappelli & Pagano (1994) conclude that in the context of an overlap-
ping-generations model, they showed that liquidity constraints on house-
holds: (i) raise the saving rate,(ii) strengthen the effect of growth on saving.
Bosworth, Collins & Reinhart (1999) compared China and Brazil as
portfolio capital receivers. China, the largest developing-country recipient
of FDI in the 1990s, obtained very little portfolio capital or lending, while
Brazil was the largest receiver. They conclude that such inflows can raise
growth rates by supplementing domestic saving, thereby raising the rate
of capital accumulation.
Levine & Zervos (1998), pointed out growth indicators-measures of
the rate ofeconomic growth: capital accumulation, productivity growth,
and private saving. They highlighted private saving as a key factor for
economic growth.
Bresser-Pereira & Gala (2007), developed a formalization of the critique
of the growth with foreign savings strategy. They explain that although
medium income countries are capital poor, current account deficits (foreign
savings), financed either by loans or by foreign direct investments, will not
usually increase the rate of capital accumulation or will have little impact
on it in so far as current account deficits will be associated with appre-
ciated exchange rates, artificially increased real wages and salaries and
high consumption levels. They indicate a sustainable policy of increasing
private savings.
Fry (1980), presented a quantitative estimate of the cost of financial
repression in developing countries. Here, financial repression is interpreted
as the technique of holding institutional interest rates (particularly deposit
rates of interest) below their market equilibrium levels. He concludes that
credit availability is an important determinant not only of new investment
but also of capacity utilization of the entire capital stock.
Masson, Bayoumi & Samiei (1998), showed a broad set of possible
determinants of private saving behavior. They used data for a large sample
of industrial and developing countries. Both time-series and cross sectional
estimates are obtained. Results suggest that there is a partial offset on pri-
vate saving of changes in public saving and (for developing countries) in
foreign saving, that demographics and growth are important determinants
of private saving rates, and that interest rates and terms of trade have pos-
itive, but less robust, effects.
Horioka & Wan (2006), in this paper, the authors conducted a
dynamic panel analysis of the determinants of the household saving rate

v. 9, n. 1, jan-jun. 2015 | 37
in China using a life cycle model and panel data on Chinese provinces for
the 1995–2004 period from China’s household survey. They found that
China’s household saving rate has been high and rising and that the main
determinants of variations over time and over space therein are the lagged
saving rate, the income growth rate, (in many cases) the real interest rate,
and (in some cases) the inflation rate.
Loayza & Schmidt-Hebbel (2000), concluded that saving rates dis-
play considerable variation across countries and over time. In this paper,
authors investigate empirically the policy and nonpolicy factors behind
these saving disparities using a large, cross-country, time-series data set
and following an encompassing approach including a number of relevant
private saving determinants. They also concluded that the income growth
rate, the real interest rate and the lagged saving rate are relevant factors to
explain saving rates across countries.

3 Brazilian macroeconomic variables

In order to present an overview of the Brazilian Macroeconomic

dynamics, selected variables data were collected in IMF and IPEADATA
such as:
a. Gross Domestic Product-GDP (constant prices) % of change;

b. Gross National Savings-GNS % of change;

c. Inflation (average consumer prices) % of change;

d. Credit % of GDP.

The GDP, GNS and Inflation data coved the time span from 1980 to
2014 and it is presented in the graphs below. The Credit data shows annual
increase from 2008 up to 2013.
From graph 1 it is clear that the Brazilian GDP presented a very vol-
atile behavior in the last 35 years. Especially in the last 3 years there is
a tendency of decreasing figures. Gross Savings shows also a decreasing
behavior and in the last 3 years figures below 15% GDP. Very high infla-
tion was presented in the Brazilian economy for a long time. Since 1994
from the establishment of Plano Real, inflation became to decrease sharply
and continue in one digit figures. In order to face the American Crisis the
Brazilian government conducted a greater participation of credit operations
in GDP as a major countercyclical measure. From graph 4 it’s evident that

38 | Nexos Econômicos – CME-UFBA

credit participation almost double from 2008 to late 2013 as % of GDP.
In recent times this never happen to the Brazilian economy.
Graph 1: Gross domestic product % changes

Source: IMF-World Economic Outlook Database, October 2014.

Graph 2: Gross national savings % GDP

Source: IMF-World Economic Outlook Database, October 2014.

v. 9, n. 1, jan-jun. 2015 | 39
 Graph 3: Inflation (average consumer prices) % Changes

Source: IMF-World Economic Outlook Database, October 2014.

Graph 4: Credit in % of Brazilian GDP

Source: Central Bank of Brazil (www.bcb.org.br).

4 Brazilian economy in comparison to economic partners

This research also made relevant comparisons between Brazil and

Latin American and BRIC economic partners.
In Latin American selected countries were pointed out and data col-
lected from IMF. Besides Brazil, data from the following countries were
collected: Argentina, Chile, Colombia and Mexico. The macroeconomic

40 | Nexos Econômicos – CME-UFBA

variables collected from the last 20 years were: Gross Domestic Product
- GDP (%), Gross National Savings - GNS (% GDP) and Inflation. Table 1
presents macroeconomic variables in average of the last 20 years of the
Brazilian Latin American partners.
Table 1: Macroeconomic Variables of Latin American Partners (average %p.a.)

Variable Brazil Argentina Chile Colombia Mexico

GDP (%) 3,36 3,76 5,05 3,82 2,74
GNS (%GDP) 17,23 18,36 23,5 19,01 23,68
Inflation (%) 9,44 7,63 4,93 10,42 10,34

Source: IMF-World Economic Outlook Database, October 2014.

Brazil has the lowest GNS (%GDP) in comparison to Latin American

countries. Chile presented the highest economic growth in average from
the last 20 years with the lowest inflation rate and with high GNS (%GDP)
in comparison to Latin American team. Brazil also presented one of the
lowest economic growths losing only for Mexico. Colombia showed the
highest inflation rate with relevant economic growth and with good GNS
(%GDP). Brazil appears to be behind its Latin American economic part-
ners especially in relation to economic growth even thought inflation in
under control.
Among the developing countries Brazil should be compared to BRIC
members such as: Russia, India, China and South Africa. In table 2 mac-
roeconomic variables of BRIC team are presented.
Table 2: Macroeconomic Variables of BRIC members (average %p.a.)

Variable Brazil Russia India China South

Africa
GDP (%) 3,36 2,08 7,06 10,53 3,22

GNS (%GDP) 17,23 29,36 29,83 47,10 16,28

Inflation (%) 9,44 86,12 7,79 4,93 6,86

Source: IMF-World Economic Outlook Database, October 2014.

China presented by far the highest economic growth with also the
highest GNS (% GDP) and the lowest inflation rate. India also presented a
remarkable economic growth with suitable GNS (% GDP). Russia showed
the lowest economic growth with by far the highest inflation rate. Brazil
and South Africa seems to have similar figures.
From section 2 Brazil appears to have control over inflation but presents
an unsustainable economic growth rate. Another relevant macroeconomic

v. 9, n. 1, jan-jun. 2015 | 41
variable is the GNS (% GDP) which in the Brazilian case is continuing
decreasing for below 15% level. Credit availability is continuing increasing
and approaching 60% Credit/GDP level. Credit policy has being successful
at the beginning of the rising policy in order to face harmful symptoms from
the American Crisis. The credit policy seems to be a short term successful
measure, not provoking increasing tendency for long term economic
growth. One of the major reasons for the low economic growth in Brazil
seems to be the GNS (% GDP). With appropriate GNS (% GDP) Brazil
tends to increase its GDP in a sustainable fashion.

5 The economy and the production function

This economy is accomplished by consume and investment as formu-

lated in equation 1. Savings (S) will be automatically linked to investment (I).

Y= C + I (1)
I≡S (2)

The production function initially is formed as F (K, L, CR) where K

represents capital, L labor and CR credit. Dividing all arguments by labor
we get in equation 3: F (K/L, L/L, CR/L) or F (K/L, 1, CR/L). Using per capita
figures the equation 3 becomes F (k, Cr). Finally the production function
can be formulated as in equation 4.

F(k,Cr) (3)
y = kαCrβ 0<α<1, 0<β<1 (4)

Credit availability depends on income as stated as in equation 5.

Cr = γy 0 < γ < 1 (5)

The production function arguments also present concave function

which can be found using first and second derivatives as follows:

Fk > 0, Fkk < 0, Fcr > 0, Fcrcr < 0.

Due to lack of appropriate infrastructure, high taxes, and other struc-

tural characteristics; the Brazilian economy has presented low productivity

42 | Nexos Econômicos – CME-UFBA

rate. This way in this economy, it’s assumed that α + β < 1, performing
a decreasing returns of scale economy.
Substituting equation 5 into 4 we get equation 6.

y = kα (γy)β (6)

Developing equation 6 and changing variable using γβ=ɵ we get

equation (7)

y = (ɵkα) (1/1-β) (7)

According to Solow´s Model in the steady state condition ḳ=0, there

is no increase or decrease of capital accumulation. The accumulation of
capital is expressed in equation 8. S represents the savings rate, n the rate
of increase of labor and d is the depreciation rate.

ḳ = sf(k) – (n+d)k (8)

The golden rule for capital accumulation is the way to find out the
optimum amount of capital for social welfare in an economy. The long
term social welfare maximization is reached when the level of per capita
consume is maximum. Therefore, the golden rule for capital accumula-
tion consists in the savings rate finding. The savings rate determines the
investment rate and subsequently the consume rate.
The optimum amount of capital (k*) leads to a steady state in which
per capita consume is maximum. This situation can be expressed in equa-
tion 9 as follows:

C* = f(k*) – sf(k*) (9)

Applying steady state condition ḳ=0 in equation 8 using equation 7

we get k*.

k* = [(sɵ1/1-β)/(n+d)] 1-β/1-(α+β) (10)

The consume equation is derived from equations 1 and 7 as follows:

C= ɵ1/1-β.kα/1-β – (n+d)k (11)

v. 9, n. 1, jan-jun. 2015 | 43
 Applying k* in equation 11 and maximizing consume with respect to
s (savings rate) we find the level of s that maximizes per capita consume.
After calculations we get:

s = α/1-β (12)

6 Empirical results

Regression analysis was applied using equation 4 in order to estimate

α and β parameters. Using natural log figures we can reach equation 13.

lny = αlnk + βlnCr (13)

Research data was collected from IPEADATA covering the time span
of 1991 up to 2012 using per capita figures of GDP(y), Credit(Cr) and
Capital(k). Regression analysis result is presented in table 3.
Table 3: Regression analysis model result

Lnpib Coef. Std. Err. t P>│t│ 95% conf interval

Lncred 0,0140575 0,0027467 5,12 0,0000 0,0083086 0,0198063
Lnfbk 0,4234411 0,0889268 4,76 0,0000 0,2373151 0,6095672
const 5,471 0,5027646 10,88 0,0000 4,418702 6,523299

Source: Own research.

According to table 3, α and β parameters were found and statistically

significant. The already mentioned parameters can be expressed by:
α=0,4234411 and β=0,0140575. Both parameter values passed in the
t test with very robust results. R squared and adjusted R squared values
showed the following results: 75,14% and 72,53%; a remarkable predic-
tive potentiality.
Using equation 12 and including parameters values already found, the
level for savings % GDP that maximizes social welfare is reached, according
to Solow´s Golden Rule. Calculating s= 0,429478 or 42,9478% GDP.
From the Golden Rule steady state, simulations were performed using
Mathlab and changing the level of credit into the Brazilian economy. The
level of savings rate or GNS (%GDP) remained stable in 42,9478% GDP.
The results obtained from the steady state are as follows:

44 | Nexos Econômicos – CME-UFBA

 γ = 0,557 α = 0,4234411 β = 0,0140575 n = 0,0086 d = 0,10

Increasing credit level (γ) by 5,74% greater than steady state the fol-
lowing variables: product, consume and capital will also increase in close
measures. All results are presented in table 4.
Table 4: Simulation analysis (increasing credit)

Product 0,14%
Consume 0,1389%
Capital 0,1404%

Source: Own research.

Decreasing credit level (γ) by -10,23% smaller than steady state the
following variables: product, consume and capital will also decrease in
close measures. All results are presented in table 5.
Table 5: Simulation analysis (decreasing credit)

Product -0,27%
Consume -0,2716
Capital -0,2688

Source: Own research.

These results confirm Solow´s Golden Rule achievements and high-

light the relevance of an appropriate savings rate and credit level for the
entire economy.

7 Final remarks

This research applied Solow´s Golden Rule in the Brazilian economy

using as a production function a Cobb-Douglas type including as parame-
ters capital and credit. Economic data has showed a very volatile and also
a decreasing behavior in Brazil´s GDP figures. A low savings rate should
be one remarkable reason for this behavior. Nowadays (March-2015)
Brazil´s savings rate is below 15% GDP and falling. Credit availability is
also a relevant feature of the Brazilian economy as well. In the last decade,
credit availability considering % GDP figures almost doubled in Brazil.
The value of γ is close to 60% indicating greater credit participation into

v. 9, n. 1, jan-jun. 2015 | 45
the Brazilian economy since 2008. Moreover, the result α + β < 1, also
confirmed decreasing returns of scale for the Brazilian economy.
Developing the Solow´s economic growth model the optimum savings
rate was found. According to Solow´s Golden Rule this rate maximizes
social welfare by maximizing consume. This figure was approximately
43% GDP and very high in comparison to Brazil´s present savings rate
of around 13% GDP. Brazilian economy should increase, in an urgent
fashion, its savings rate in order to improve economic growth.
One relevant factor for private savings is the real interest rate in Brazil.
Due to long periods of high inflation the Brazilian Central Bank is applying
high real interest rates, however taxation is still very high what diminishes
financial investment attractiveness from private sector of the economy.
Brazilian population is getting older and this feature may influence the
savings rate behavior. This particular characteristic was also mentioned
by Masson, Bayoumi & Samiei (1998).
Reviewing macroeconomic country data in tables 1 and 2, it’s also clear
that countries with high savings rate %GDP tend to have higher economic
growth rates. Paying attention to China´s figures with GNS=47,10%GDP
and with average economic growth rate of 10,52%p.a.; it’s evident the
relevance of savings rate. Even in the Latin American circle, Chile is a
very good example with GNS=23,5%GDP and with average economic
growth rate above 5%p.a..This research also confirms conclusions of
Schenk–Hoppé (2002), Zhigang & Zhangyong (2003), Levine & Zervos
(1998) and Loayza, Schmidt-Hebbel & Servén (2000).
Brazil should adopt measures to encourage the saving mechanism such
as: reducing taxation from financial investments, apply positive real interest
rates, offer a saving education program to especially low age population,
etc. According to this academic research, there is an outstanding gap from
the present savings rate to its optimum. Also making comparisons with
other countries the lack of appropriate savings rate seems to be a major
factor for low economic growth in Brazil.

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